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Legendary corporate raider and activist Carl Icahn found himself on the wrong side of a familiar battle this week when the short selling investment firm Hindenburg Research took aim at Icahn’s publicly traded holding company, alleging in a new report that Icahn Enterprises L.P. (IEP) is overstating the value of its private asset portfolio, and that its publicly traded stock units–85% of which Icahn owns–are “significantly overvalued.”
Icahn’s fortune fell over 35%, from $18.3 billion on Monday afternoon to $12 billion as of Tuesday’s market close. Icahn Enterprises units tumbled 20% on Tuesday, shaving $3 billion in market value off Icahn’s fortune. Forbes then trimmed Icahn’s estimated net worth by another $3.6 billion, after it was revealed that Icahn had pledged over half of his IEP shares as collateral against unknown personal debts.
Hindenburg is a short selling activist hedge fund run by Nate Anderson who is most famous for having released a video of Nikola’s electric truck prototype being towed up a hill in order to be pushed down to make a promotional video showing that the technology was fully operational. He claims that Icahn Enterprises has a Ponzi-like economic structure.
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The sarcasm/wit is exceptional and yet…. Educational… Subjectively! PB content definitely a high point of the week
Did you pronounce it “I con”?
You’ve come the right place.
Your are funny Patrick 😀
What is your view on Scottish mortgage investment trust ?
I’m in the mood for some dry sarcasm
That’s why I clicked 😂
And Patrick’s is the equivalent of a 18 yr scotch
… and nice suits.
The fact that the dividend was 15% before the price drop suggests that some people had a hint that things were wrong all along.
Limited partnership dividends are from cash flow not paid out from earnings thus they are generally higher than qualified dividends
Realistically he should have been buying in those shares with a 15% yield. Getting a guaranteed 15% is pretty sweet.The fact that he was selling them should raise a big red flag.
@wes west so they’re not sustainable?
Meanwhile here in Australia THAT’S NORMAL returns for the mining industry. You Americans get such CRAP returns, getting excited over 7%.
@Link Knight well ive watched friendly jordies enough time to now which BRUZZZZ is making fat stacks in Aussie land
Ackman and Carl had probably the most awkward hug in stock market history. I don’t know if they were afraid they were going to steal from each other pockets
Had to look that up. It was incredibly awkward!
It was really a strange mix of trying to look enthusiastic for a hug and then try to avoid physical contact
lmao true 😀
Makes sense why he defended herbalife so aggressively
Really wish Ackman won that one. Not for him but just so that Herbalife gets hurt and maybe set a record for that type of companies
@Fox same. It would have made all MLMs scared; scumbags.
He’s quite a destroyer of companies. Comes in, FIRST everyone’s wage drops, people leave and new hotes are idiots or drug addicts because the rate is SO bad, then he strips the place of ALL the decent stuff especially any new equipment on lease, and you’re back to doing it the hard way with a bunch of fumbling idiots or addicts, and eventually you quit too. Heard of from a former Pep boys employee.
Lol did he?
So you’re telling me that the guy who was one of the inspirations for Gordon Gekko is NOT a paragon of virtue and ethics? I AM SHOCKED, SHOCKED!!!
Excellent, Norm. But Normie, Normie, Normie, you forgot your lines: shocked and chagrined, mortified and stupefied. That’s what you wanted to say. Because the light was on
@Adrian Tentea What?
@BroudbrunMusicMerge inside joke.
but..but.. they said greed was good…
@cdreid9999 Gekko was more thinking about something like ambition, willpower and direction. Its an evolutionary drive not pure hedonism and gluttony.
Its a drive for improvement.
It still amazes me how much these videos fill me with knowledge and make me laugh at the same time.
PATRICK is a great orator eh! Great content
Patrick was on top of his game with this video.
Finally! Some good old fashioned, non-crypto pyramid schemes. It’s so refreshing!
Oh man 😂😂
So good 😂. Surely Carl has some block chain technology to include in this Ponzi somewhere?!
“What is it, a Blackstone real estate fund?” Absolutely savage. I love it.
I read this EXACTLY as he said it
Hindenburg strikes again! Never would’ve thought of short sellers as doing good work, but seems like they put a lot of focus on breaking up scams and frauds
Also could have helped with Wirecard if they didn’t disallow it for them
That’s kind of the whole point of short sellers. Without short sellers the only incentive there is less incentive to expose fraud and scams.
That is their primary purpose.
“Overvaluing an asset who do they think they are Blackstone”
Not quite what he very carefully said.
There are several strategies that Carl Icahn can utilise:
1. Fire employees
3. Promise vaporware
4. Declare bankruptcy
5. Mention AI & how it’ll improve his business
These would all unironically tank his stock price as well. If investors key in that any piece fo hindenburgs report is factual they will jump ship guaranteed
Oh the point 5 😂😂😂
Good one bro 😂😂
He just needs to 3d print some marijuana AIs on the block chain and announce funding is secured at $42.69.
I’d love to see a tier list of top shady bankers. Please Patrick, make it happen.
The list would be long
Chatgpt please list the ceo’s of the 100 largest banks, please
Watch Inside job (2010) documentary.
Many appear there.
“Where is Credit Suisse when you need them” — almost did a spit take.
“He was accused of being a asset strpper (the worst kind of stripper) in his dealings” funny af 🤣
😂 comedic gold
When you think about it, all strippers are asset strippers 😅
But not all of them are 87 year old
@Roger Britus GGPILF…
Patrick masters the art or serious humor and information. Never disappoints. Well done as always
I just watched your video and I absolutely loved it! I found your presentation to be incredibly informative and engaging. You did a great job of breaking down complex concepts into easy-to-understand terms. I also appreciated the humor and personal anecdotes that you sprinkled throughout the video. It made the content more relatable and enjoyable. You’re one of the few YouTubers who I can consistently count on to deliver high-quality content. Keep up the great work! “I outsourced this feedback to AI”
“Its been over 100 years since we’ve heard anyone speak positively of a ponzi”
SBF 2022: hold my beer 14:11
I laughed so hard when you said it will affect his retirement 😂
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